Essential Crypto News Today: Revolut, Robinhood Acquire Bitstamp, SEC Slammed on Staking

Welcome to your daily dose of crypto news! Keeping up with the fast-paced world of Bitcoin, blockchain, DeFi, NFTs, Web3, and ever-evolving crypto regulation can feel like a full-time job. To help you stay informed, here’s a quick rundown of the key events making waves in the digital asset space today.

What’s Revolut Planning in Crypto Derivatives?

Fintech giant Revolut, known for its extensive financial services, appears to be exploring a significant expansion into the crypto derivatives market. A recent job posting for a “General Manager (Crypto Derivatives)” indicates serious intent to build this business line from the ground up.

Key details from the job listing and company statement:

• **Role Location:** London, Barcelona, and Dubai.
• **Scope:** Overseeing the entire platform launch, including product, infrastructure, compliance, and strategy.
• **Goal:** To create a leading, trusted derivatives offering leveraging Revolut’s large customer base.
• **Company Confirmation:** Revolut confirmed they are hiring to expand expertise in crypto products, particularly for institutional clients, but stated they are in early recruitment stages.

This move follows Revolut’s broader crypto ambitions, including plans to invest over €1 billion in France and seek a local banking license.

Why Did Robinhood Acquire Bitstamp for $200 Million?

In a notable industry consolidation move, Robinhood Markets Inc. announced it has completed its $200 million acquisition of Bitstamp, one of the world’s longest-running crypto exchanges. The deal, paid in cash, was initially agreed upon in June 2024.

The strategic benefits of the Robinhood Bitstamp acquisition:

• **Expanded Licenses:** Robinhood gains over 50 licenses and registrations globally.
• **Institutional Reach:** Bitstamp brings a significant institutional client base (over 5,000 clients) which drives most of its volume.
• **Global Footprint:** The acquisition significantly expands Robinhood’s reach beyond the US into European, UK, and Asian markets.

Robinhood’s General Manager for Crypto, Johann Kerbrat, hinted that the company remains open to further crypto-related acquisitions, following a recent agreement to acquire Canadian platform WonderFi.

Is the SEC’s Staking Guidance Facing Backlash?

The US Securities and Exchange Commission (SEC) is facing significant criticism regarding its updated guidance on SEC staking services. On May 29, the SEC’s Division of Corporation Finance issued guidance suggesting certain staking offerings might not be considered securities, potentially exempting some proof-of-stake blockchains from registration.

However, this guidance has drawn sharp rebukes:

• **Conflict with Court Rulings:** Critics, including former SEC chief John Reed Stark, argue the new interpretation contradicts federal court findings in cases against exchanges like Binance and Coinbase, where judges previously allowed allegations that staking products were securities under the Howey test.
• **Criticism from Within:** Sitting Commissioner Caroline Crenshaw also voiced concerns, stating the staff’s conclusions didn’t align with established case law or the Howey test.

Stark controversially described the shift as “a shameful abdication of its investor protection mission,” highlighting the ongoing debate surrounding crypto regulation in the US.

Summary

Today’s crypto news highlights significant business developments and regulatory challenges. Revolut is exploring the potentially lucrative crypto derivatives market, Robinhood has successfully expanded its global reach and institutional presence through the Bitstamp acquisition, and the SEC’s latest stance on staking is causing controversy among legal experts and commissioners alike. These events underscore the dynamic nature of the crypto industry, driven by innovation, strategic business moves, and ongoing regulatory scrutiny.